Day 3 Women of Power 2014: What’s in Your Purse?
Lori Anne Douglass, Partner, Moses and Singer LLP
Dana Worthy, GWIM Banking COO, Director; Business Strategy and Initiative Executive Bank of America
Jacquette Timmons, Founder President and CEO, Sterling Investment Management
Valerie Coleman Morris, Author and Financial Literacy Advocate
Valerie Coleman Morris started talking about the keywords “financial intelligence” and “financial literacy.” Having intelligence about anything is power and that is what the panel will focus on.
One of the panelists, Dana Worthy, spoke about how the markets have changed in terms of real estate. They held off for the perfect house and as they waited, the market began increasing from 5 to 10 to 20 percent in down payments. They finally bought a house and while it was at the price they wanted, they knew they can get more of a bargain years back.
Jacquette Timmons decided to try to open a conference focused on money and it didn’t work out. She then incurred a ton of debt that she didn’t expect. When she began working with a coach, she turned her perspective around because she was sad and felt guilt and shame. She didn’t look at the blessing and opportunity and wanted to get rid of that.
Lori Anne Douglass talked about having every type of failure imaginable but the biggest one was that she thought her parents stability would be the same in her two relationships; and it wasn’t. They weren’t as financially sound. None of those men turned out to be as responsible as their dad. She also had significant financial debt. She realized she needed to take control of her personal finances and change things tremendously. She talked about how important estate planning and life insurance was and accumulating wealth.
When you talk about wealth, Jacquette Timmons said her definition of wealth is to have time and financial freedom. Dana Worthy said that wealth coincides with her husband that they can live rent free and have a savings where they have financial freedom and not stressed about working every day.
They also discussed how many old folks pass away and they pass down wealth to young people who don’t know how to handle the money they are inheriting.
For Lori Anne, she looks at wealth as something generational. Proper estate planning is vital for a family.
Jacquette also talked about disability planning and long term care planning. Planning in the event of death is fine but planning for the former is extremely important as well.
They discussed beneficiary designation amongst other things. The attendees really enjoyed the session and felt it was beneficial.